Fox Run Management L.L.C. Buys New Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Fox Run Management L.L.C. purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 74,438 shares of the natural resource company’s stock, valued at approximately $2,835,000. Freeport-McMoRan accounts for 0.5% of Fox Run Management L.L.C.’s investment portfolio, making the stock its 3rd largest holding.

Several other hedge funds also recently made changes to their positions in FCX. Asset Planning Inc acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $25,000. Vision Financial Markets LLC purchased a new position in Freeport-McMoRan during the fourth quarter worth approximately $27,000. Laurel Wealth Advisors LLC raised its stake in Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 600 shares during the period. Roxbury Financial LLC purchased a new position in shares of Freeport-McMoRan in the 4th quarter valued at $28,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in shares of Freeport-McMoRan in the 4th quarter valued at $29,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Scotiabank decreased their price objective on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. JPMorgan Chase & Co. upgraded shares of Freeport-McMoRan from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $48.00 to $52.00 in a report on Thursday. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research note on Thursday, March 6th. Finally, StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.04.

Freeport-McMoRan Trading Down 1.0 %

Shares of NYSE:FCX opened at $40.31 on Friday. The stock has a market capitalization of $57.93 billion, a price-to-earnings ratio of 31.25, a PEG ratio of 0.87 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The stock’s 50-day simple moving average is $38.03 and its two-hundred day simple moving average is $41.96. Freeport-McMoRan Inc. has a 52-week low of $33.98 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. Analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.